Jeremy Batstone Quotations

We find little in these results to indicate that the group is addressing the dearth of late-stage pipeline products right now and suspect that the risk of opting for quick fixes does not come risk-free.

With the outlook beyond 2006 as uncertain as ever, we remain comfortable with our hold recommendation.

There is no doubt that the operating environment won't get any easier for (general retailers) next year. Supermarkets continue their onward march into the sector.

Japan's had a terrific run over 2005 -- the market was up 30-40 percent in local currency terms -- so some kind of correction was likely.

The, already well-known, relative absence of pipeline products in late stage development continues to blur the visibility of longer term margin trends and helps stifle our enthusiasm for the shares despite the upgraded near-term guidance.

Even if there is an upturn in the U.S., there is no real sign of any recovery in corporate profit, ... There is too much supply and too little demand ? profits have got to come down.

It's significant in that when it happens it will be the first move for six years either up or down...it will signal that the authorities believe that the long battle against deflation is finally over.

Stock will attempt to rally, ... But we will not see the same kind of volumes and volatility as we did last week, however; economic indicators out this week could show the world is in recession.

That is probably the least he could have got away with.

The negative share price reaction to these results may reflect certain disappointment... regarding figures which only met, but didn't far exceed, consensus expectations (as the group has been able to achieve in each of the previous two quarterly results announcements) and perhaps a partial evaporation of vague, but continuous, bid speculation.

In the near term, there's a bit of momentum, so (a move over 6,000) wouldn't surprise me...It's entirely clear why the market is at these kind of levels -- it's being supported by M&A activity or rumored M&A activity.

The markets are convincing themselves that U.S. rates are going to 5 percent. But I do not believe one can rely on rates going there, and that is a positive thing.